Twitter to hold annual meeting amid Musk uncertainty

Elon Musk’s Twitter profile is seen on a smartphone positioned on printed Twitter logos on this image illustration taken April 28, 2022. REUTERS/Dado Ruvic/Illustration

Might 25 (Reuters) – Twitter Inc (TWTR.N) will face skeptical shareholders on Wednesday throughout its annual assembly, as doubt stays over whether or not the social media firm will full its deal to be acquired by billionaire Elon Musk on the agreed-upon value.

The Tesla chief government tweeted on Might 13 that the $44 billion acquisition was “briefly on maintain” whereas he sought extra details about the proportion of faux accounts on Twitter.

The corporate stated final week it remained dedicated to the deal on the agreed value. Nevertheless, traders have appeared unconvinced, as Twitter’s shares closed on Tuesday at $35.76, representing a 34% low cost to the $54.20 per share deal value.

Whereas the digital annual assembly will embrace a query and reply session on Wednesday, a Twitter spokesperson stated the corporate is not going to reply deal-related questions.

Twitter traders are set to vote on 5 stockholder proposals, all opposed by administration, which embrace asking the corporate to provide a report on its affect on civil rights and one other on its lobbying actions. learn extra

The assembly itself is not going to be “notably related” to the settlement to be acquired by Musk, stated Donna Hitscherich, a professor of finance at Columbia Enterprise College.

Even when shareholders approve any of the proposals, it will likely be non-binding, she stated.

Reporting by Sheila Dang in Dallas; Modifying by Cynthia Osterman

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